A joint venture property fund has successfully acquired Channel 9’s historic Sydney studios at Willoughby for $147.4 million.
The three-hectare site was purchased by LEPC9 -- a joint venture between Australian property fund Lotus Property Fund and Hong Kong-based fund managers Euro Properties.
Planning and Environment Partner Patrick Holland led the collaborative team which included real estate Special Counsel Eva Vicic, finance Partner David Gilham and finance Special Counsel Katy Anderson.
LEPC9 reportedly part funded the purchase price by way of a syndicated loan facility arranged by Deutsche Bank.
Having successfully delivered multiple residential projects in Australia, North America and Hong Kong, LEPC9 now have the potential to create a new development, as the site has concept plan approval to develop 400 residential apartments across eight towers, plus strong investor interest.
However, there is a proposal in place to modify the concept plan to increase the number of apartments to 496.
McCullough Robertson’s Sydney Planning and Environment, Real Estate and Finance teams advised LEPC9 on its purchase of the Willoughby studio, and were quick to add that they advised the fund in relation to planning issues associated with the redevelopment of the Channel 9 site and on the terms of the finance documents relating to the syndicated loan facility arranged by Deutsche Bank to assist in financing the acquisition of the site.
As the new landowner, LEPC9 said they recognised the opportunity to deliver better outcomes for the development of the site and has undertaken a design-led process to ensure these outcomes are achieved.